"Life consists not in holding good cards but in playing those you hold well."
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Happy Monday Folks! Over the weekend, Larry Fink continued to show positive outlook for the Spot Bitcoin ETF, Coinbase paused their staking service, and Binance laid off 1000s of workers. The price of Bitcoin is currently at $30,093.01. The fear and greed index dropped to 54 and the best performing asset for the past 24 hours is $XRP up 0.50%; in position #4.
Binance has completed the integration of the Lightning Network; so far it's the most covered news of the day, but today all the focus is on the Ripple case. Overall sentiment is positive on the news as XRP dethrones $BTC as the top traded asset, but former SEC attorney John Reed Stark isn't too excited and believes the decision will be overturned. On the heels of the Ripple case is the Coinbase case and it's looking positive that a decision will swing Coinbase way as well; the SECs win steak isn't looking good.
On-chain data examined by blockchain analytics firm IntoTheBlock has revealed that roughly 29% of all bitcoins (BTC) in circulation have remained unmoved for more than five years and fear is that most are lost forever. Bitcoin price continues to struggle right under $31K (for months) as the SEC reviews the latest Bitcoin ETFs and the clock on the SEC's review process doesn't formally start ticking until the filings are published in the federal register.
Dogecoin looks to have some upside potential. A U.S. bankruptcy court previously granted the crypto lender permission to sell its altcoin holdings for bitcoin and ether starting in July and BlockFI saw “the exact same balance sheet” later exposed by CoinDesk, but still put clients' money in Sam Bankman-Fried’s companies, a scathing new report claims. The House Financial Services Committee moved back a scheduled vote on legislation to create a comprehensive regulatory framework in the U.S. for stablecoins and crypto trading.
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Podcast of the Day: Riding the Waves of Enlightenment: Surfer Jim's Quest for Bitcoin, Legacy & Inner Wisdom | Bitcoin Matrix
Let's dive into the Weeds...
THE WEEDS
Streak of inflows into crypto products highest since 2021.
BTC traders brace for $30K loss — 5 things to know in Bitcoin this week (Cointelegraph):
- Bitcoin weekly close keeps volatility away
- Earnings season leads U.S. data releases
- Whales return to the game
- Supply dynamics repeat early bull market signals
- "Greed" fades from crypto markets
Bitcoin 'full breakout' not here yet as BTC price spends month at $30K. This Is How Much Bitcoin Has Been Lost Forever: ITB Data. Buying the dip? Record 3.8% of the Bitcoin supply last moved at $30.2K. GBTC volumes surge to yearly high. SEC Launches Review of Latest Bitcoin ETF Applications.
Crypto Analytics Firm Santiment’s Breakdown of XRP’s Recent Price Explosion. XRP Dethrones Bitcoin (BTC) as Top-Traded Asset, Dominates 20% of Crypto Market. Dogecoin Eyes Potential 10% Upswing If This Level Breaks.
Brazilian CBDC Allows Government to Freeze Funds, Developer Finds.
Binance completes integration of Bitcoin Lightning Network.
House vote on crypto, stablecoin bills now delayed by a week.
Ripple’s Victory Over SEC Is a Win for the Entire Crypto Space, Says Brad Garlinghouse. Ex-Ripple Exec Matt Hamilton Denies Effect on XRP Price, Unveils Real Key Factors. Ripple case: SEC appeal unlikely as it gains from 'current confusion' — Haun Ventures CEO Katie Haun. Former SEC attorney John Reed Stark on Ripple’s crypto-celebration: It’s temporary. Ripple CLO Stu Alderoty says court ruling could encourage banks to adopt XRP: Report.
SEC vs. Coinbase: A Legal Showdown Shaping Crypto’s Future. Court Says SEC Could Have Informed Coinbase That Exchange Was Violating Securities Law Prior to Public Listing.
Celsius moves $59.4 million in altcoins to potentially sell for BTC, ETH. BlockFi Bet Big on FTX and Alameda Even After Seeing Infamous Balance Sheet, Creditors Say.
